IOU: The Debt Threat and Why We Must Defuse It
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Noreena Hertz. IOU: The Debt Threat and Why We Must Defuse It
I.O.U. Noreena Hertz
Table of Contents
CHAPTER ONE Rock The Vote
CHAPTER TWO It’s Politics Stupid
Debt-endency
It’s a Cold War
Everyone’s at it
All change
Under their thumbs
CHAPTER THREE Backing the Bad Guys
A timeless illustration
As it is
Lining the wrong coffers
Paying for pollution and gun-runners
CHAPTER FOUR Pushers and Junkies
Crossbones and bananas
Down the hatch
The morning after
CHAPTER FIVE Traders and Vultures
Masters of the universe
Why the bond market has grown
The problems of being subject to capital markets
Information biases
Thumbs up
Vultures
CHAPTER SIX Grey Men in Grey Suits
Winter blues
The good old days
The legacy
Revving up
Why just sit there?
CHAPTER SEVEN Stop Not Making Sense
The parable of the butterfly
Time to change
Promises, promises
And what about the rest?
No cause for jubilation
CHAPTER EIGHT Can’t Pay Won’t Pay
Do cry for me Argentina
Do worry
Scalped
The perspective of the debtor
CHAPTER NINE A Plague On Both Your Houses
The price of soap
Toxic remedies
The debt-poverty link
Your problem, my problem
Poor, dangerous and bankrupt
CHAPTER TEN It’s Not Just Osama
The Berlusconi wannabe
Rhetoric of debt and conflation
Latter day saints
Failed states
The air we breathe…
CHAPTER ELEVEN Truth, Reconciliation and Regeneration
Truth
Rights
Reconciliation
Regeneration
Looking to the future
Notes. Chapter Two
Chapter Three
Chapter Four
Chapter Five
Chapter Six
Chapter Seven
Chapter Eight
Chapter Nine
Chapter Ten
Chapter Eleven
Index
Acknowledgements
About the Author
By the same author
Copyright
About the Publisher
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The Debt Threat and Why We Must Defuse It
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‘Cancellation,’ not ‘relief of the debt was a distinction that had been made explicit a few months before, after Bono met with Sandy Berger, Clinton’s National Security Adviser, the morning the US had gone into Kosovo. ‘He hadn’t been to bed,’ Bono remembers. ‘He’d been up all night, he was bleary-eyed, and Clinton had sent me down to meet him, you know talk to him about it. So I’m sitting there and he was scrunching his red eyes, saying, “Run that by me again? Debt relief, debt relief. God, that just sounds so wrong in this environment. You’re a songwriter – can’t you come up with something better than that?” And I said, “Debt Cancellation,” and he said, “That’s better. Relief sounds like a handout. Cancellation sounds like justice.”’
Selling the idea of cancelling debt to Clinton wasn’t hard. The President had just come back from the G8 meeting of the richest developed nations in Cologne, where debt relief had been high on the agenda. He had already pledged to contribute to funding the IMF and World Bank’s debt relief efforts, and also to increase the amount of American debt that would be cancelled. But cancelling all the debts owed to the US was another matter. Could the United States really afford it?
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